While going on road trips or maybe even a trip to the nearest convenience store, Pilot gas stations are in an abundance in cities across America. Pilot Flying J truck stops are usually what one would see getting off an exit while on the road, and Warren Buffett has made it apparent that investing in the popular company was a definitely worth the financial risk.
Pilot Flying J, which has recently become a subsidiary under the major multinational conglomerate Berkshire Hathaway, is one the best convenience stops for truckers and road trippers in the United States. Warren Buffett has recently acquired the majority of the company’s stake, which is a practice that is common for the billionaire investor.
Pilot Flying J is a Knoxville based company owned by Jimmy Haslam, who also owns the NFL team Cleveland Browns as well. The company was started in 1958 by Jimmy’s father, Jim. Upon Buffett’s major stake intake, the Haslam family’s shares in the company has dipped from 77 percent to 50.1 percent.
Berkshire Hathaway’s share in Pilot Flying J is an impressive 36 percent, and it is expected for the conglomerate to reach 80 percent is stock by the year 2023. Warren Buffett’s company Berkshire Hathaway is also expected to leave the other 20 percent in shares to the Haslam Family.
Warren Buffett is known for acquiring major stakes in numerous companies. Buffett has stated previously that he goes big when it comes to his investments and endeavors. Berkshire Hathaway, Buffett’s company has acquired many subsidiaries since Buffett decided to invest in the company over 40 plus years ago. Pilot Flying J company is possibly one of Buffett’s best decisions as far as investing goes.